Financial Performance - In 1H25, SHNE's total revenue and net income reached RMB 2,400 million and RMB 287 million, respectively, aligning with estimates [1] - Gross profit was RMB 1,203 million, resulting in a gross profit margin of 50.2% [1] - Net income attributable to shareholders increased by 4% year-over-year, driven by improved profits from joint ventures, reduced finance costs, and lower administrative expenses [1] Wind Power Development - As of June 2025, SHNE's total installed capacity of power generation projects under construction and approved reached 4.9 GW, including 13 medium-to-large projects exceeding 100 MW [2] - The company's grid-connected wind power project capacity in Shandong is 234 megawatts, with an additional wind power reserve project of 991 megawatts [2] AI Computing Ecosystem - By the end of 2024, China's computing power scale is projected to reach 414 EFlops, with a compound annual growth rate of 44% expected from 2024 to 2026 [3] - The integration of AI computing ecosystem is expected to drive significant electricity consumption increases, with data centers contributing to 6.1% growth in electricity consumption in 2025 [3] - SHNE has formed a partnership with VNET's IDC business, enhancing its green power support for AI infrastructure [3] Strategic Partnerships and Market Position - SHNE is collaborating with SDHSG to promote transportation-energy integration, aiming for mutual benefits and high-quality development [4] - Compared to Equinix, SHNE's integrated AI computing ecosystem is establishing competitive advantages, particularly in green energy and ESG compliance [4] Valuation Insights - SHNE's shares are currently trading at HK$2.15, with a market capitalization of HK$4,830 million, indicating a forward P/E ratio of 16x, below the peer average of 20x [5] - This valuation discount presents an attractive entry point for investors, especially given SHNE's focus on green computing power and renewable energy [5]
格隆汇发布山高新能源1H25更新报告（英文）